Common use of Release of all Properties Clause in Contracts

Release of all Properties. (a) If Borrower has elected to defease the entire Loan and the requirements of Section 2.4 and this 2.5.1 (a) have been satisfied, all of the Properties shall be released from the Liens of their respective Mortgages and, if applicable, Junior Mortgages, and the U.S. Obligations, pledged pursuant to the Security Agreement, shall be the sole source of collateral securing the Note and, if applicable, the Guaranty of Payment. (b) In connection with the release of the Mortgages and, if applicable, the Junior Mortgages, Borrower shall submit to Lender, not less than thirty (30) days prior to the Defeasance Date, a release of Lien (and related Loan Documents) for each Individual Property for execution by Lender. Such release shall be in a form appropriate in each jurisdiction in which an Individual Property is located and reasonably satisfactory to Lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer's Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement.

Release of all Properties. (a) If After the Permitted Release Date, if Borrower has elected to defease the entire Loan and the applicable requirements of Section 2.4 hereof and this 2.5.1 (a) Section 2.5 have been satisfied, all of the Properties shall be released from the Liens of their respective Mortgages and, if applicable, Junior Mortgages, Security Instruments and the U.S. Obligations, pledged pursuant to the Security Agreement, shall be the sole source of collateral securing the Note and, if applicable, the Guaranty of PaymentNote. (b) In connection with the release of the Mortgages and, if applicable, the Junior MortgagesSecurity Instruments, Borrower shall submit to Lender, not less than thirty (30) days prior to the Defeasance Date, a release of Lien (and related Loan Documents) for each Individual Property for execution by Lender. Such release shall be in a form appropriate in each jurisdiction in which an Individual Property is located and reasonably that would be satisfactory to Lendera prudent institutional lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer's Certificate certifying that such documentation (i) is in compliance with all applicable Legal Requirements, and (ii) will will, following execution by Lender and recordation thereof, effect such releases in accordance with the terms of this Agreement.

Release of all Properties. (a) If Borrower has elected to defease the entire Loan and the requirements of Section 2.4 2.5 and this 2.5.1 (a) Section 2.6 have been satisfied, all of the Properties shall be released from the Liens of their respective Mortgages and, if applicable, Junior Mortgages, and the U.S. Obligations, pledged pursuant to the Security Agreement, shall be the sole source of collateral securing the Note andNote, if applicableprovided that at Borrower’s request, Lender shall assign the Note, this Agreement and the Mortgages pursuant to Section 2.6.3 below and shall terminate the Environmental Indemnity, the Guaranty of Paymentand other Loan Documents requested by Borrower to the same extent as if the Loan was paid in full. (b) In connection with the release of the Mortgages and, if applicable, the Junior Mortgagesfor prepayment or Defeasance, Borrower shall submit to Lender, not less than thirty (30) days prior to the prepayment date or the Defeasance Date, a release of Lien (and related Loan Documents) for each Individual Property for execution by Lender. Such release shall be in a form appropriate in each jurisdiction in which an Individual Property is located and reasonably that would be satisfactory to Lendera prudent lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer's ’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement.